EUR/HUF may rise to 404.01 - 407.25

Our pivot point is at 391.98.

Our preference

The upside prevails as long as 391.98 is support.

Alternative scenario

The downside breakout of 391.98 would call for 386.56 and 383.33.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 393.61 and 393.42). Finally, the EUR/HUF has crossed above its upper Bollinger band (396.35).

Supports and resistances

413.73 **

410.49 *

407.25 **

404.01

397.29 last

394.11

391.98 **

386.56 *

383.33 **

Number of asterisks represents the strength of support and resistance levels.